OPEC cuts 2006 world oil demand outlook by 100K barrels/day

NEW YORK (MarketWatch) -- The Organization of the Petroleum Exporting Countries said Monday it's cutting its forecast for 2006 world oil demand by 100,000 barrels a day. "Warm weather, higher oil prices and the relatively-lower natural gas prices affected oil demand mostly in the OECD countries," the cartel said in its October monthly report. OPEC is now forecasting global oil demand to rise 1.2% to average 84.2 million barrels a day in 2006. Oil producers left their forecast for 2007 unchanged at growth of 1.5%. "China and the Middle East will lead the world oil demand growth with 0.42 mb/d and 0.30 mb/d respectively," it said.

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